SHREE JADISIDDESHWAR URBAN CREDIT SOUHARD SAHAKARI LIMITED ,BELGAUM vs. ASSESSMENT UNIT, INCOME TAX DEPARTMENT, DEELHI

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ITA 257/PAN/2025Status: DisposedITAT Panaji22 January 2026AY 2018-19Bench: SHRI PAVAN KUMAR GADALE (Judicial Member)5 pages

AI SummaryRemanded

Facts

The assessee, a cooperative society, did not file an income tax return for AY 2018-19 despite significant cash transactions. The AO initiated reassessment proceedings under Section 148, denying the Section 80P deduction due to non-compliance with Section 80AC. The CIT(A) upheld the AO's decision without adequately addressing the assessee's submissions regarding the validity of the reassessment notice.

Held

The Tribunal found that the CIT(A) failed to consider the assessee's evidence and submissions regarding the validity of the Section 148 notice and the denial of the Section 80P deduction. Therefore, the case was remanded back to the CIT(A) for fresh adjudication, ensuring the assessee is given an adequate opportunity to be heard.

Key Issues

The key legal issues were the validity of the reassessment notice issued under Section 148 and the denial of the deduction claimed under Section 80P due to non-filing of the return under Section 139(1) and non-compliance with Section 80AC.

Sections Cited

Section 147, Section 148, Section 144B, Section 250, Section 143(2), Section 142(1), Section 139(1), Section 80AC, Section 80P

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “SMC” PANAJI BENCH

Before: SHRI PAVAN KUMAR GADALEShri Jadisiddheshwar Urban

Hearing: 19.01.2026Pronounced: 22.01.2026

सुनवाई की तारीख/Date of Hearing 19.01.2026 घोषणा की तारीख/Date of Pronouncement 22.01.2026 ORDER

PER PAVAN KUMAR GADALE, JM:

The appeal is filed by the assesse against the order of the NFAC Delhi/CIT(A) passed u/sec147 r.w.s144B of the and u/sec 250 of the Act. The assessee has raised the grounds of appeal challenging the validity of notice u/sec148 of the Act and the CIT(A) sustaining the denial of claim of deduction u/sec80P of the Act made by the Assessing Officer.

Shri Jadisiddheshwar Urban Credit Souhard sahakari Limited.

The brief facts of the case are that, the assesse is a cooperative society and is engaged in activities of providing credit facilities to its members. The income tax department based on the NMS portal found large transactions of cash deposits and with drawls done by the assesse in the F.Y.2017-18 and the assesse has not filed the return of income for the A.Y.2018-19. The Assessing officer (A.O) has reason to believe that the income has escaped the assessment and issued notice u/sec148 of the Act and further notice u/sec143 (2) and u/sec 142(1) of the Act are issued calling for the details and there was compliance. The Assessing Officer (A.O) has dealt on the submissions filed on 06.06.2023 & 14.02.2024 in respect of validity of issue of notice u/sec148 of the Act and filling of return of income in lieu of said notice. Further the A.O found that for the A.Y.2018-19 the assessee has not filed the return of income u/sec 139(1) of the Act and the conditions stipulated under section 80AC of the Act are not complied by the assessee and the A.O has denied the claim of deduction u/sec80P of the Act of Rs.766693/- and assessed the total income of Rs.766698/- and passed the order u/sec147 r.w.s144B of the Act dated 18.03.2024.

Aggrieved by the order, the assessee has filed an appeal before the CIT(A), whereas the CIT(A) has considered the grounds of appeal, statement of facts and findings of the AO but has sustained the action of the A.O and dismissed the assessee appeal. Aggrieved by the order of the CIT(A), Shri Jadisiddheshwar Urban Credit Souhard sahakari Limited. the assessee has filed an appeal before the Hon'ble Tribunal.